The Company intends to pay dividends twice each fiscal year, in April and October.
The Company expects to pay a first dividend for the second half of 2022 by April 2023, and it expects to pay 100% of the net profit, after keeping aside the statutory reserve required by law (statutory reserve expected to amount to AED 37.5 million for the first dividend).
From 2023 onwards, the Company expects to pay 100% of the net profit available for distribution as dividend.
This dividend policy is subject to consideration of the Board of the cash management requirements of the Company’s business for operating expenses, interest expense and anticipated capital expenditures and investments.
In addition, the Company expects that the Board will also consider market conditions, the then current operating environment in the Company’s markets, and the Board’s outlook for the Company’s business and growth opportunities.